Earnings Release • Feb 26, 2025
Earnings Release
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February 26, 2025
Brisa, a subsidiary of Sabancı Holding and Bridgestone Corporation, and the mobility leader of the Turkish tire industry, reinforced its leading position in the market with operational efficiency, strategic investments, innovative products and services in 2024, a year marked by challenging market conditions. Brisa continued to grow in international markets with the Lassa brand.
In 2024, Brisa continued its investments and innovation-oriented efforts and took strong steps in its sustainable growth strategy with mobility transformation. While the Company's 2024 sales revenue was realized at TL 34.5 billion, gross profit margin was maintained at 23.6% thanks to disciplined cost management and operational efficiency gains. Operating profit margin increased to 9.7% from 7.7% in the previous year.
"In 2024, we reinforced our strength with the support of our widespread dealer and distribution network in all segments we focused on in the tire business. With our Lassa brand, we further expanded our global footprint by becoming the market leader in five countries. With our operational excellence approach, we continued our R&D and smart technology investments in our factories without slowing down. While realizing all our investments, we did not compromise on our sustainability focus. Taking concrete steps forward on our decarbonization roadmap, we became the global leader in the Carbon Disclosure Project (CDP) 2024 rating. We achieved results in both the Climate Change and Water Security categories that few companies can achieve, demonstrating an exemplary performance in sustainable growth.
In doing so, we also maintained our financial strength and resilience. With our cash generation ability, we kept our balance sheet intact and positioned our Net Debt/EBITDA ratio at a low level of 0.6x."
Brisa continued to expand its high value-added and high-performance product portfolio in 2024. Product development efforts for electric and hybrid vehicles were accelerated in line with the mobility leadership target.
Kürkçü said, "Our goal is to lead the market with new generation mobility products. We are strengthening our collaborations with domestic and foreign automotive manufacturers for our tires compatible with electric and hybrid vehicles. In this context, we completed the first phase of the USD 34 million additional investment we planned in our Aksaray plant and reached a production capacity of 3.6 million tires. We also successfully developed 148 new products in our R&D studies.
As one of the most important outputs of these efforts, we launched Lassa Revola, Türkiye's first domestic tire compatible with electric and hybrid vehicles.''
Brisa further diversified its mobility services thanks to the synergy it created with Arvento, Türkiye's vehicle tracking systems leader, which Brisa acquired in 2022.
Kürkçü: "We developed pioneering services aimed at facilitating the operations of our fleet customers. While the number of active devices of Arvento exceeded 830 thousand, we increased the number of Otopratik and Propratik, our holistic service points for vehicle owners and fleets, to cover 77 percent of Türkiye. Vehicle traffic at Otopratik points doubled compared to last year.
We aim to always be a pioneer by continuing to develop products and services compatible with the future of mobility. I would like to thank all my colleagues and shareholders who contributed to this success."
| Summary Income Statement (MTL) |
IAS 29 Unadjusted/Unaudited | IAS 29 Adjusted/Unaudited | |||||
|---|---|---|---|---|---|---|---|
| Oct. 1- Dec. 31, 2024 |
Oct. 1- Dec. 31, 2023 |
Change, % | Oct. 1- Dec. 31, 2024 |
Oct. 1- Dec. 31, 2023 |
Change, % | ||
| Net Sales | 8,908 | 6,544 | 36% | 9,057 | 9,761 | -7% | |
| Gross Profit | 2,823 | 2,216 | 27% | 2,248 | 2,465 | -9% | |
| Operating Profit | 2,420 | 770 | 214% | 1,721 | 238 | 622% | |
| EBITDA | 1,936 | 1,332 | 45% | 1,693 | 1,436 | 18% | |
| Net Profit | 1,386 | 637 | 117% | 973 | 3,375 | -71% | |
| Profitability Ratios: | |||||||
| Gross Profit Margin | 31.7% | 33.9% | -2% | 24.8% | 25.3% | 0% | |
| Operating Margin | 27.2% | 11.8% | 15% | 19.0% | 2.4% | 17% | |
| EBITDA Margin | 21.7% | 20.4% | 1% | 18.7% | 14.7% | 4% | |
| Net Profit Margin | 15.6% | 9.7% | 6% | 10.7% | 34.6% | -24% |
| Summary Income Statement (MTL) |
IAS 29 Unadjusted/Unaudited | IAS 29 Adjusted/Audited | |||||
|---|---|---|---|---|---|---|---|
| Jan. 1- Dec. 31, 2024 |
Jan. 1- Dec. 31, 2023 |
Change, % | Jan. 1- Dec. 31, 2024 |
Jan. 1- Dec. 31, 2023 |
Change, % | ||
| Net Sales | 30,283 | 21,175 | 43% | 34,547 | 38,258 | -10% | |
| Gross Profit | 9,366 | 6,997 | 34% | 8,137 | 9,383 | -13% | |
| Operating Profit | 5,626 | 3,495 | 61% | 3,361 | 2,943 | 14% | |
| EBITDA | 5,968 | 4,587 | 30% | 5,560 | 6,226 | -11% | |
| Net Profit | 2,989 | 2,792 | 7% | 1,513 | 5,736 | -74% | |
| Profitability Ratios: | |||||||
| Gross Profit Margin | 30.9% | 33.0% | -2% | 23.6% | 24.5% | -1% | |
| Operating Margin | 18.6% | 16.5% | 2% | 9.7% | 7.7% | 2% | |
| EBITDA Margin | 19.7% | 21.7% | -2% | 16.1% | 16.3% | 0% | |
| Net Profit Margin | 9.9% | 13.2% | -3% | 4.4% | 15.0% | -11% |
The information and opinions contained in this document have been compiled by Brisa Bridgestone Sabancı Lastik Sanayi ve Ticaret A.Ş. (the "Company") from sources believed to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or correctness. No undue reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. This document may contain forward-looking statements by using such words as "may", "will", "expect", "believe", "plan" and other similar terminology that reflect the Company management's current views, expectations, assumptions and forecasts with respect to certain future events. As the actual performance of the companies may be affected by risks and uncertainties, all opinions, information and estimates contained in this document constitute the Company's current judgment and are subject to change, update, amend, supplement or otherwise alter without notice. Although it is believed that the information and analysis are correct and expectations reflected in this document are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially.
The Company does not undertake any obligation and disclaims any duty to update or revise any forward-looking statements, whether as a result of new information or future events. Neither this document nor the information contained within can construe any investment advice, invitation or an offer to buy or sell the Company and/or its group companies' shares. The Company cannot guarantee that the securities described in this document constitute a suitable investment for all investors and nothing shall be taken as an inducement to any person to invest in or otherwise deal with any shares of the Company and its group companies. The information contained in this document is published for the assistance of recipients but is not to be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipient. You must not distribute the information in this document to, or cause it to be used by, any person or entity in a place where its distribution or use would be unlawful. Neither the Company, its board of directors, directors, managers, nor any of Its employees shall have any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents.
Our Company's financial statements dated 31.12.2024, which were disclosed to the public on February 26, 2025, have been subject to inflation accounting within the framework of the "Financial Reporting in Hyperinflationary Economies Standard" (IAS 29). Financial figures given in this financial report are not comparable with the financial figures that were not subject to inflation adjustment which were disclosed to public by the Company in its financial statements and various investor information materials for 2023 and prior periods.
For this reason, selected financial figures are also presented without adjusting for inflation accounting and disclosed through investor presentations and earnings releases on our Company's corporate website as well as via the Public Disclosure Platform, in order for investors and analysts to conduct a full-fledged analysis for our Company's financial performance.
The financial figures that are not subject to inflation adjustment have not been independently audited and are not included in our Company's audited financial reports dated 31.12.2024. Such financial figures have been prepared and disclosed to public for providing the investors and market participants consistent and comparable assessment of our financial performance, under the responsibility of our Company's Board of Directors and executives who are responsible for financial reporting.
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